Traders Purchase High Volume of Call Options on Cipher Mining (NASDAQ:CIFR)

Key Points

• Traders have recently purchased a significant volume of call options for Cipher Mining, with 202,482 call options traded, marking a 110% increase over the average volume.
• Recent insider activity includes a major shareholder selling 2 million shares for $24.16 million, resulting in a 2.86% decrease in their ownership stake.
• Analyst ratings for Cipher Mining are generally positive, with a consensus rating of "Moderate Buy" and a price target increase to an average of $16.68.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) was the recipient of some unusual options trading on Thursday. Stock investors bought 202,482 call options on the company. This represents an increase of approximately 110% compared to the average volume of 96,379 call options.

Insider Transactions at Cipher Mining

In other Cipher Mining news, major shareholder Holding Ltd V3 sold 2,000,000 shares of the business's stock in a transaction dated Monday, September 29th. The stock was sold at an average price of $12.08, for a total value of $24,160,000.00. Following the completion of the sale, the insider owned 67,852,537 shares of the company's stock, valued at $819,658,646.96. The trade was a 2.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Patrick Arthur Kelly sold 44,870 shares of the business's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $10.80, for a total value of $484,596.00. Following the completion of the sale, the chief operating officer directly owned 1,044,390 shares of the company's stock, valued at $11,279,412. This represents a 4.12% decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,022,964 shares of company stock valued at $192,926,623 in the last ninety days. Insiders own 2.63% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Geode Capital Management LLC raised its stake in Cipher Mining by 18.1% during the 2nd quarter. Geode Capital Management LLC now owns 7,242,210 shares of the company's stock worth $34,621,000 after buying an additional 1,108,850 shares during the period. Tidal Investments LLC raised its stake in Cipher Mining by 28.3% during the 2nd quarter. Tidal Investments LLC now owns 6,984,438 shares of the company's stock worth $33,386,000 after buying an additional 1,541,138 shares during the period. Vident Advisory LLC raised its stake in Cipher Mining by 11.9% during the 1st quarter. Vident Advisory LLC now owns 4,753,772 shares of the company's stock worth $10,934,000 after buying an additional 503,694 shares during the period. Goldman Sachs Group Inc. raised its stake in Cipher Mining by 52.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company's stock worth $10,765,000 after buying an additional 1,610,073 shares during the period. Finally, Helix Partners Management LP raised its stake in Cipher Mining by 95.8% during the 1st quarter. Helix Partners Management LP now owns 4,400,000 shares of the company's stock worth $10,120,000 after buying an additional 2,153,058 shares during the period. Institutional investors and hedge funds own 12.26% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Jones Trading assumed coverage on Cipher Mining in a research note on Monday, July 21st. They issued a "hold" rating for the company. Canaccord Genuity Group upped their target price on Cipher Mining from $12.00 to $16.00 and gave the company a "buy" rating in a research note on Monday, September 29th. HC Wainwright upped their target price on Cipher Mining from $7.50 to $17.00 and gave the company a "buy" rating in a research note on Monday, September 29th. Weiss Ratings restated a "sell (d+)" rating on shares of Cipher Mining in a research note on Tuesday. Finally, Compass Point assumed coverage on Cipher Mining in a research note on Monday, September 15th. They issued a "buy" rating for the company. Twelve analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $16.68.

Cipher Mining Stock Up 0.7%

NASDAQ CIFR opened at $21.03 on Thursday. The firm has a market cap of $8.27 billion, a PE ratio of -48.91 and a beta of 2.87. Cipher Mining has a one year low of $1.86 and a one year high of $22.00. The stock's 50 day simple moving average is $10.47 and its 200 day simple moving average is $6.21. The company has a debt-to-equity ratio of 0.23, a current ratio of 4.18 and a quick ratio of 4.18.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.12) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.12). Cipher Mining had a negative return on equity of 21.71% and a negative net margin of 96.95%.The firm had revenue of $43.57 million for the quarter, compared to the consensus estimate of $51.89 million. As a group, sell-side analysts forecast that Cipher Mining will post -0.31 earnings per share for the current fiscal year.

About Cipher Mining

Cipher Mining Inc, together with its subsidiaries, engages in the development and operation of industrial scale bitcoin mining data centers in the United States. The company was incorporated in 2020 and is based in New York, New York. Cipher Mining Inc operates as a subsidiary of Bitfury Holding B.V.

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